I was very pleased to recently host the FSC’s policy team in a detailed member briefing on the policy priorities for 2021.
Firstly, it would be a mistake not to briefly reflect on the year that was.
2020 was clearly a challenging year for all our member organisations and the industry as a whole, but one that should be marked down as a success.
I would like to thank:
- Our life insurance members, for implementing important initiatives to lessen the impact of the COVID crisis on frontline workers;
- Our superannuation members for their implementation of the Government’s early release scheme; and
- Our funds management members for their high-level engagement with key bodies, including the RBA, on efficient market function during the height of the crisis.
Whilst 2021 will be different, the FSC is expecting it to be just as challenging:
- We are collectively implementing the DDO regime;
- Dealing with ongoing sustainability issues in the life insurance industry;
- Responding to the Government’s ‘Your Future, Your Super’ reforms; and
- Preparing to launch the FSC’s Advice Green Paper.
The FSC view is that we are also likely to face a general election later this year, in which superannuation is already shaping up to be a major flashpoint. So, as I said, 2021 will likely not disappoint!
Thank you to members that attended the event. If you were unable to join us, or have any questions arising from the session, please feel free to contact me or the relevant policy manager.